Notwithstanding a stronger US dollar amidst heightened hopes for a Fed funds rate hike in December, crude oil gained for the first time in 5 days. The IEA projected more than -20% in oil investment this year and in 2016. The Paris-based agency also forecast that OPEC would likely change its course, restraining production so as to boost oil prices.
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Crude Climbed Higher on Tighter Supply/Demand Outlook
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